Budget 2022 growth-oriented, people-friendly: PHDCCI

Srinagar February 01:(KNS)  PHD Chamber of Commerce & Industry (PHDCCI)-Kashmir while reacting to the Central budget put forth in the Parliament stated the budget is growth oriented with long term sustainable focus on growth through investment in infrastructure and digitization said, Baldev Singh Raina Chair PHDCCI Kashmir*. Overall this seems to be a people-friendly Budget done keeping in mind the growth of nation, sharing his first impressions. He said the Union Budget 2022-23 had created opportunities for youth to venture in IT Sector through various announced schemes of digitization, drones for crop assessment, Desh e-portal for up skilling of youth, digital currency, animation visual effects gaming and comic (AVGC) Taskforce, 5G Auctioning, R&D In defence that are welcome steps, *but also there is not much in store for salaried middle class as such in particular as we were expecting recovery measures will be taken in Budget for consumer spending.

This budget we believe is push towards the digital inclusion and expansion of digital infrastructure across multiple sectors, for individuals as well as businesses. Although we welcome and were delighted with the vision outlined in the Union Budget 2022 especially for the next phase of Ease of Doing Business reforms, 2-lakh Cr for MSME, digital Banking Units, One Station One Product, National Ropeways Development Programme, Direct Transfer of Minimum Support Price to Farmers, introduction of Kissan Drones, e-passport, Digital Currency, Digital university, and PM e-vidhya, 80Lakh Houses and One-Nation One-Registration Software. 

It is a welcome move for the Hospitality sector that the Emergency Credit Line Guarantee Scheme (ECLGS) has been extended up to March 2023 with the additional amount being earmarked exclusively for the hospitality and related enterprise from Rs 50,000 crore to Rs 5 Lakh crore that will enable the small travel operators and stakeholders within the travel and tourism industry to emerge from the disruptive impact of Covid-19, Said Mushtaq Chaya MC PHDCCI and Chairman JK Hoteliers Club* and he further added that the introduction of Vibrant Boarder Village Programmes will surely help to develop the remote Boarder Areas of Northern region. Although Tourism Sector was expecting big boost from Union Budget after two years of Covid Impact on Industry now it would be a challenge to the Industry to sustain the growth impulses if further lockdowns would be imposed.

Terming the budget as a "positive approach" *PHDCCI-Kashmir Co-Chair Mr Vicky Shaw* said the proposal for GIFT City International Universities, the focus on digital aspects of education and creating greater access for students with structured high-quality content and e-passports with embedded chips and ELCGS extension specially for struggling hospitality sector was much needed, and very timely announcements, but as we all know the economy`s performance remains closely tied to the waves of pandemic. The Pandemic is still calling the shots for the economy and the Handicraft and Cottage Industry which is desperately struggling have got little help from this year's Budget and also there is nothing concrete for increasing the capacity of consumer spending added Vicky Shaw. (KNS) 

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